Cpi Corp. has a market cap of $161.6 million; its shares were traded at around $22.06 with a P/E ratio of 8.6 and P/S ratio of 0.3. The dividend yield of Cpi Corp. stocks is 4.5%. Cpi Corp. had an annual average earning growth of 2.6% over the past 10 years.CPY is in the portfolios of Arnold Van Den Berg of Century Management, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

The Company reported a net loss of ($1.8 million) and ($3.4 million), or ($0.25) and ($0.49) per diluted share, for the 12-week second quarters ended July 24, 2010, and July 25, 2009, respectively. The reduction in net loss year-over-year reflects the impact of cost reductions and productivity improvements implemented throughout the organization as well as a reduction in other charges and impairments. In addition, prior year second-quarter results included a nonrecurring favorable net revenue recognition effect as a result of a change in lab shipping schedules which benefited net earnings in the 2009 second quarter by approximately $0.20 per diluted share. Foreign currency translation effects and the Kiddie Kandids studio operations did not have a material impact on the Company s net earnings in the second quarter of 2010.

Net sales from the Company s PictureMe Portrait Studio® (PMPS) brand, on a comparable same-store basis, excluding impacts of net revenue recognition change, store closures, foreign currency translation and other items totaling ($300,000), decreased 5% in the second quarter of 2010 to $39.0 million from $41.1 million in the second quarter of 2009. The decrease in PMPS sales performance for the second quarter was the result of an 8% decrease in the number of sittings, offset in part by a 3% increase in average sale per customer sitting.

Net sales from the Company s Sears Portrait Studio (SPS) brand, on a comparable same-store basis, excluding impacts of net revenue recognition change, store closures, foreign currency translation and other items totaling ($1.4 million), decreased 12% in the second quarter of 2010 to $32.2 million from $36.4 million in the second quarter of 2009. SPS sales performance for the second quarter was the result of a decline of 8% and 4% in the number of sittings and average sale per customer sitting, respectively, versus the prior-year quarter.

The Company reported net income of $4.7 million, or $0.65 per diluted share, for the first half of fiscal year 2010, ended July 24, 2010, compared to a net loss of ($1.1 million), or ($0.16) per diluted share, for the first half of fiscal year 2009, ended July 25, 2009. The improvement in net income year-over-year reflects the impact of cost reductions and productivity improvements implemented throughout the organization as well as a reduction in other charges and impairments. Foreign currency translation effects and the Kiddie Kandids studio operations did not have a material impact on the Company s net earnings in the first half of 2010.

Net sales from the Company s PictureMe Portrait Studio® (PMPS) brand, on a comparable same-store basis, excluding impacts of store closures, foreign currency translation and other items totaling $2.0 million, was virtually flat in the first half of 2010 at $92.2 million compared to $92.5 million in the first half of 2009. The slight decrease in overall PMPS sales performance for the first half was the result of a 6% decrease in the number of sittings, offset by a 6% increase in average sale per customer sitting.

Net sales from the Company s Sears Portrait Studio (SPS) brand, on a comparable same-store basis, excluding impacts of store closures, foreign currency translation and other items totaling $700,000, decreased 10% in the first half of 2010 to $73.4 million from $81.7 million in the first half of 2009. SPS sales performance for the first half was the result of a decline of 8% and 2% in the number of sittings and average sale per customer sitting, respectively, versus the prior-year comparable period.

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